New Historic Preservation Tax Credit

Efforts to boost the renovation of hundreds of historic mill sites across North Carolina got a boost Wednesday as the Senate Finance Committee approved a bill providing for tax credits for such projects. Some state and federal credits are already available. The bill (HB 474), which passed the House last year, would expand credits from as low as 20 percent of the rehabilitation costs to as much as 40 percent. The credits vary depending on the economic conditions of the area where the mill would be located and whether the renovated mill would be revenue-producing. The credits have already been factored into the budget being considered by the House.